Crude Oil Price Forecast November 14, 2017, Technical Analysis

WTI Crude Oil

The WTI Crude Oil market was very choppy during the trading session on Monday, as we continue to hang about. The $56.50 level looks to be support, but it appears that we are trying to pull back, probably to pick up a little bit of momentum as we continue to try to reach towards the psychologically important $60 level. Remember, as price continues to go higher, it’s only a matter of time before the Americans, Canadians, and Mexicans start drilling even more. Because of this, I believe that the market will continue to be somewhat supportive, but it is a short-term phenomenon, especially if economic activity starts to slow down. The US dollar rallying could also be a bit of a boost as well, but we also have a lot of tension coming out of the Middle East, so that could continue to push the market back-and-forth.

Crude Oil Video 14.11.17

Brent

Brent markets continue to find support at $63, and although we did breakdown below there, we found enough support cause a bit of a bounce. I believe that the market will probably continue to go towards the $64.50 level above. I think that as we continue to find volatility in this market, it’s only a matter of time before we rally towards the $65 level, which should be massively resistive. Alternately, if we break down below the $62.50 level, then I think the market will continue to drift lower, perhaps down to the $61.75 level. I expect to see quite a bit of volatility either way, as headlines will continue to push Brent and WTI around. Keep in mind that the US dollar moving can also have a negative correlation to this market as well. Expect choppiness, but I believe that the buyers are probably here, least in the midterm.